Valuing the estate is one of the first practical tasks you face as an executor or administrator (the person managing the estate when there is no will). It determines what goes on the Form SA.2, affects how much Capital Acquisitions Tax (CAT) beneficiaries (the people who inherit) may owe, and sets the foundation for the entire probate application. Getting it right from the start avoids delays and Revenue queries later. For the full picture on costs, see our guide to probate costs and fees in Ireland.
The key rule: value everything at the date of death
Every asset in the estate is valued as at the date the person died, not the date you carry out the valuation or the date you apply for probate. This applies to property, bank accounts, shares, vehicles, and personal effects. The date-of-death value is what you enter on the Form SA.2.
This is a common source of confusion. If a property has increased in value between the date of death and the date you arrange the valuation, it is the earlier date-of-death value that matters for the SA.2 form. The valuer should state clearly on the report that the valuation reflects market value as at the specific date of death.
What assets need to be valued?
The Form SA.2 requires you to list all assets the deceased held solely, jointly, and by nomination at the date of death, along with all liabilities. The table below summarises the main asset types, how to value each one, and the valuation standard that applies.
Property (house, land, farm)
Professional valuation by a qualified estate agent or valuer
Market value on the date of death
Bank and building society accounts
Request a date-of-death balance statement from each institution
Balance including accrued interest to the date of death
Shares listed on a stock exchange
Closing price on the date of death (or nearest trading day)
Stock exchange closing price, adjusted if needed
Unlisted shares or private company interests
Professional valuation by an accountant or share valuer
Fair market value based on company accounts and assets
Life insurance policies
Contact the insurer for the payout amount
Sum payable on death (may pass outside the estate if a beneficiary is named)
Motor vehicles
Dealer valuation or trade guide (e.g., Carzone, DoneDeal)
Market value on the date of death, not the original purchase price
Household contents and personal effects
Executor estimate; professional valuation for valuable items
Open market (resale) value, not insurance or replacement value
Pensions and retirement funds
Contact the pension provider for the death benefit value
Value depends on the pension type; some pass outside the estate
Summary of estate assets and how each is valued for probate purposes in Ireland.
| Asset type | How to value it | Valuation standard |
|---|---|---|
| Property (house, land, farm) | Professional valuation by a qualified estate agent or valuer | Market value on the date of death |
| Bank and building society accounts | Request a date-of-death balance statement from each institution | Balance including accrued interest to the date of death |
| Shares listed on a stock exchange | Closing price on the date of death (or nearest trading day) | Stock exchange closing price, adjusted if needed |
| Unlisted shares or private company interests | Professional valuation by an accountant or share valuer | Fair market value based on company accounts and assets |
| Life insurance policies | Contact the insurer for the payout amount | Sum payable on death (may pass outside the estate if a beneficiary is named) |
| Motor vehicles | Dealer valuation or trade guide (e.g., Carzone, DoneDeal) | Market value on the date of death, not the original purchase price |
| Household contents and personal effects | Executor estimate; professional valuation for valuable items | Open market (resale) value, not insurance or replacement value |
| Pensions and retirement funds | Contact the pension provider for the death benefit value | Value depends on the pension type; some pass outside the estate |
Step-by-step: valuing the estate
Follow these steps to value the estate systematically. Completing them in order ensures nothing is missed when you come to file the Form SA.2.
Gather documentation
Collect the death certificate, the will (if there is one), and any financial documents you can find: bank statements, share certificates, insurance policies, pension correspondence, property deeds, and vehicle registration certificates. A thorough search of the deceased's papers early on saves time later.
Write to each financial institution, including banks, building societies, credit unions, and investment firms, to notify them of the death and request a balance as at the date of death. Most institutions will provide this in writing once they receive a copy of the death certificate.
Arrange professional valuations for property
Property is usually the most valuable asset in an Irish estate. Arrange a formal valuation from a qualified estate agent or property valuer. The valuation must reflect the market value of the property on the date of death, not when the valuation is physically carried out.
A Market Appraisal Report (the type used for selling a house) may not meet the requirements for probate. Ask for a formal probate valuation report that states the market value as at the date of death. If Revenue queries the value later, a properly documented report from a qualified professional carries significantly more weight.
Value financial assets
For bank accounts, use the date-of-death balance including any accrued interest. For credit union accounts, include both savings and any share balance. Contact each institution directly as they will provide a formal statement for probate purposes.
For shares listed on a stock exchange, use the closing price on the date of death. If the stock exchange was closed on that date (a weekend or public holiday), use the closing price from the last trading day before the death. Your stockbroker or the share registrar can provide a valuation certificate.
Unlisted shares in private companies require a professional valuation, typically prepared by an accountant based on the company's most recent accounts, net asset value, and earnings.
Value personal property and vehicles
Household contents, jewellery, and personal effects are valued at their open market (resale) value, not their insurance value or replacement cost. The open market value is what a willing buyer would pay a willing seller.
For everyday household contents, executors can make a reasonable estimate. However, items of significant value such as antiques, artwork, jewellery, or specialist collections should be professionally appraised. For motor vehicles, use a current market valuation from a dealer or an online trade guide reflecting values at the date of death.
Identify assets that pass outside the estate
Some assets pass directly to a named beneficiary and do not form part of the estate for distribution purposes. These include life insurance policies with a named beneficiary, pension death benefits payable to a nominee, and jointly held property that passes by survivorship to the surviving joint owner.
These assets still need to be declared on the Statement of Affairs (Probate) Form SA.2. Even though they pass outside the will or intestacy rules, they may be relevant for Capital Acquisitions Tax (CAT) purposes. The SA.2 form includes dedicated sections for jointly held assets and nominated accounts.
Calculate liabilities and deduct them
The net estate value is the total assets minus liabilities. Liabilities include outstanding debts such as mortgage balances, credit card debts, utility bills, medical expenses, and funeral costs. The SA.2 form has a dedicated section for liabilities.
Only include debts that were owed at the date of death. Costs incurred after death, such as solicitor fees for the probate application, are not deducted from the estate value on the SA.2 form (though they are paid from the estate before distribution).
Complete the Statement of Affairs (Probate) Form SA.2
The Form SA.2 is filed online through Revenue's system. It replaced the old paper-based Inland Revenue Affidavit (Form CA.24) in September 2020. You enter each asset with its value as at the date of death, along with details of liabilities and beneficiaries. Revenue provides an acknowledgement once the form is accepted, which you need for your probate application to the Probate Office.
Accuracy matters. If Revenue believes an asset has been undervalued, they can query the valuation and request supporting evidence. A professional property valuation report or a formal bank balance statement will resolve most queries quickly. For a full guide to the probate application process, see our guide to how to apply for a Grant of Probate.
Common mistakes to avoid
Using the insurance or replacement value for household contents instead of the open market (resale) value is one of the most common errors. Insurance values are typically much higher than what items would actually fetch if sold. The correct figure is what a willing buyer would pay a willing seller.
Another frequent mistake is forgetting to include accrued interest on bank accounts. The date-of-death balance should include interest earned up to that date, even if it has not yet been credited to the account. Ask the bank to confirm this figure in their formal statement.
Overlooking assets that pass outside the estate is also common. Life insurance with a named beneficiary, nominated credit union accounts (up to a maximum of €27,000), and jointly held property must all be declared on the Form SA.2, even though they are not distributed under the will or intestacy rules.
When to get professional help
You can gather much of the valuation information yourself. Banks provide date-of-death balances, share registrars issue valuation certificates, and you can estimate everyday household contents. However, professional help is strongly recommended in certain situations.
Property should always be valued by a qualified estate agent or property valuer. If the estate includes private company shares, agricultural land, foreign assets, or assets where the value is uncertain, specialist input from an accountant, tax advisor, or relevant professional is important to ensure accuracy and avoid problems with Revenue.